Auditor of listed company resigns due to non-payment of fees and non deposit of TDS

The Auditor of Puranik Kane & Co. Chartered Accountants has resigned from the position of auditor due to non-payment of fees and non deposit of TDS.

Auditor in his resignation letter has mentioned other details as well.

The Relevant Text of the Letter are as follows:

То

The Board of Directors,

Aplab Limited

Plot No. 12, TTC Industrial Area,

Thane Delapur Road, Digha,

Navi Mumbai 400 708

Dear Sir,

Re: Resignation as Statutory Auditors of Aplab Limited for the year ended March 31, 2014

Refer to our appointment as Statutory Auditors of the Company at the 55th Annual General Meeting held on 30th September 2020 from Financial Year 2020-21 to 2024 25.

As you are aware, we are consistently following up with management for recovery of our Statutory Audit/Limited Review Fees against our invoices dated 10-11-2022, Due to tight cash flow issues at your end, we have been given monthly past dated cheques from May 2023 January 2024 against settlement of our pending invoices. Moreover, Income Tax TDS of Rs.70,000 for F.Y. 2021-22 has not been paid by the Company and is hence not appearing in our Form 2645 resulting in Income Tax demand to us. We will raise the invoice for Limited Review/Statutory Audit from Q2 of FY 2022-23 to Q1 of FY 2023-24 in 1-2 days but we are told that this invoice too will be settled in post dated cheques. With this background we are finding it difficult to continue our position as Statutory Auditors and we herewith state that we will be unable to continue as statutory auditors of the Company after the conclusion of the ensuing Annual General Meeting.

We thank you for the cooperation and courtesies extended to us during our term as statutory auditors of the Company

Kindly acknowledge the receipt of this letter.